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China unveils new growth target, jobs plan

China's annual “two sessions,” a key political event setting the nation’s economic and social agenda, commenced with Premier Li Qiang announcing a growth target of around 5% and plans to create over 12 million new urban jobs this year. Amid a rebounding economy with a GDP surpassing 126 trillion RMB ($19.84 trillion) and a 5.2% growth rate in 2023, Li emphasized the need for balance between emerging industries and transitioning sectors for growth. Additionally, Li outlined initiatives to boost domestic demand and stimulate consumption, and highlighted technological advancements in areas like aviation and electric vehicles.

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